- What futures products are offered?
- What are the product codes?
- What is the regulatory jurisdiction of these futures contracts?
- How are the final settlement prices of the futures contracts determined?
- What is the daily settlement procedure?
- When is the last trading day of the contract?
- Are there price limits?
- How can these futures contracts be traded?
- The futures contracts are available to trade as a block. How does that work?
- What are the requirements for block trades?
- Is crossing permitted?
- What are the hours for trade entry on CME ClearPort and on CME Globex?
- Will trades executed at 1:30 p.m. CT be attributed to today or tomorrow’s trade date?
- What are the position limits?
- What is the listing schedule?
- I am a bona-fide hedger and I need to exceed position limits. Can I apply for a hedge exemption?
- I have more questions. Who can I contact?
1. What futures products are offered?
CME Group will launch cash-settled Black Sea 12.5% Protein Wheat CVB (Argus) futures and options on the Black Sea 12.5% Protein Wheat CVB (Argus) futures on the CBOT exchange.
The contract size is 50 metric tons and the contract is quoted in U.S. dollars and cents per metric ton. The contract's tick size is USD 0.25 per metric ton and tick value is USD 12.50.
The first trading day is June 2, 2025.* July 2025 will be the first calendar month available for trading, and there will be 7 months available for trading at any time. On day 1 of trading, the July 2025, September 2025, December 2025, March 2026, May 2026, July 2026 and September 2026 futures contract months will be made available for trading.
*Pending regulatory review
2. What are the product codes?
The product code for Black Sea Wheat CVB (Argus) futures will be CVB and the code for the options on Black Sea Wheat CVB (Argus) futures will be CVO.
3. What is the regulatory jurisdiction of these futures contracts?
The contract is listed in the U.S. by the CBOT DCM and cleared in the U.S. by CME Clearing. The regulator is the CFTC.
4. How are the final settlement prices of the futures contracts determined?
The final settlement price shall be equal to the arithmetic average of the “12.5% Romania-Bulgaria fob CVB” under the heading “Wheat $/t” as published by Argus Media in the Argus AgriMarkets report for each day that it is determined from and including the 1st calendar day of the contract month to and including the 15th calendar day of the contract month.
5. What is the daily settlement procedure?
Daily settlement will take place on each contract business day at 18:30 Central European Time (CET).
6. When is the last trading day of the contract?
Trading terminates on the 15th calendar day of the contract month. If the 15th calendar day of the contract month is not a business day in London, trading shall terminate on the business day (in London) immediately preceding the 15th calendar day of the contract month.
7. Are there price limits?
There are price limits for this contract. Please refer to the contract rulebook for details.
8. How can these futures contracts be traded?
The contracts are available for trading on the CME Globex electronic trading platform and for submission for clearing via CME ClearPort.
9. The futures contracts are available to trade as a block. How does that work?
Subject to certain requirements, such as eligibility and minimum size, the futures contract can be privately negotiated via brokers as a block trade and submitted into CME ClearPort for clearing.
10. What are the requirements for block trades?
There are minimum quantity and reporting time requirements. The minimum block size is five lots and trades need to be reported within 15 minutes of execution.
Firms need to be classified as an eligible contract participant (ECP) to engage in block trades. The definition of ECP can be found in Section 1a(18) of the Commodity Exchange Act.
11. Is crossing permitted?
Yes. As with all CBOT Grain futures, committed cross (C-Cross) and Globex cross (G-Cross) are permitted futures crossing protocols for participants who engage in pre-execution communications pursuant to Rule 539. Pre-execution communications allow for size, price and direction to be discussed prior to the entry of orders into CME Globex.
12. What are the hours for trade entry on CME ClearPort and on CME Globex?
Trades may be entered on CME Globex Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
Trades may be entered on CME ClearPort Sunday 5:00 p.m. to Friday 5:45 p.m. CT with no reporting available Monday to Thursday from 5:45 p.m. CT to 6:00 p.m. CT.
13. Will trades executed at 1:30 p.m. CT be attributed to today or tomorrow’s trade date?
All trades executed through 4:00 p.m. CT will be considered today’s trade date.
14. What are the position limits?
The spot month position limit for Black Sea Wheat CVB (Argus) futures is 2,500 contracts. The single and all-month accountability level will be set at 3,000 contracts with a reportable level set at 25 contracts.
15. What is the listing schedule?
A total of 7 monthly contracts will at all times be available for the following contract months: March, May, July, September and December.
16. I am a bona-fide hedger and I need to exceed position limits. Can I apply for a hedge exemption?
Hedge exemptions will be available.
17. I have more questions. Who can I contact?
Contact us with questions at blackseafutures@cmegroup.com.
Coming soon
Black Sea Wheat CVB futures
Starting June 2,* our new cash-settled contract will offer a new way to manage price exposure in the Black Sea wheat markets while addressing counterparty credit risk.
*Pending regulatory review
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
